- Earned 447 self-mined bitcoin for a total of 4,076 bitcoin
year-to-date, and our customers earned an estimated 128 bitcoin at
our data centers in May
- Operated approximately 219,000 owned and hosted bitcoin miners
for a total energized hash rate of 26.1 exahash as of May 31,
2024
Core Scientific, Inc. (Nasdaq: CORZ) ("Core
Scientific" or “the Company”), one of the largest owners and
operators of high-powered digital infrastructure for bitcoin mining
and hosting services in North America, today released unaudited
production and operations updates for May 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240605022520/en/
Core Scientific is one of the largest
owners and operators of high-powered digital infrastructure for
bitcoin mining and hosting services in North America (Photo:
Business Wire)
“We continue to execute well in our strong bitcoin mining
business while also leveraging our valuable portfolio of high-power
digital infrastructure to expand our hosting business, as
demonstrated by our recent announcement of new, long-term hosting
contracts for 200 megawatts of HPC infrastructure with CoreWeave,
the AI Hyperscaler,” said Adam Sullivan, Core Scientific’s Chief
Executive Officer. “These contracts represent one of the largest AI
hosting agreements to date, and they will strengthen our earnings
power with an estimated $3.5 billion in cumulative revenue over
their 12-year terms.”
“Our discussions with potential clients to modify an additional
300 megawatts of our high-power infrastructure for HPC hosting
continue, representing an even greater source of revenue by
capitalizing on strong market demand. Supported by powerful
industry tailwinds across AI compute, we are excited about the
meaningful opportunities ahead to maximize the value of our digital
infrastructure portfolio to deliver on our business objectives and
create sustainable shareholder value,” added Mr. Sullivan.
Key Metrics Summary (unaudited)
Metric
May 2024
April 2024
Self-Mining Bitcoin Earned1
447
803
Hosting Bitcoin Earned by
Customers2
128
265
Average Self-Mined Bitcoin
Earned/Day
14.4
26.8
Self-Mining Energized Hash
rate3
20.4
20.4
Hosting Energized Hash rate4
5.7
6.3
Total Energized Hash rate
26.1
26.7
Bitcoin Sold5
453
847
Bitcoin Sales Proceeds ($USD)
Appx. $29.4 million
Appx. $55.8 million
Average Self-Mining Fleet Efficiency
(J/TH)6
24.23
25.78
Data Centers
As of month-end, the Company operated approximately 219,000
bitcoin miners for both self-mining and hosting, representing a
total energized hash rate of 26.1 EH/s at its seven data centers in
Georgia, Kentucky, North Carolina, North Dakota and Texas. The
Company also hosted customer-owned GPUs for high-performance
computing at a separate 16MW data center in Texas.
Self-Mining
Core Scientific earned 447 bitcoin in May from its owned fleet
of miners. As of month end, the Company operated approximately
173,000 owned bitcoin miners, representing approximately 79% of the
bitcoin miners operating in its data centers and a total energized
hash rate of 20.4 EH/s.
Hosting Services
In addition to its self-mining fleet, Core Scientific provided
data center hosting services, technology and operating support for
approximately 46,000 hosted, customer-owned bitcoin miners,
representing approximately 21% of the bitcoin miners operating in
the Company’s data centers as of May 31, 2024. Customer-owned
bitcoin miners earned an estimated 128 bitcoin in May, including
bitcoin rewards paid to the Company pursuant to proceeds sharing
agreements.
Grid Support
In May, the Company implemented its post-halving strategy to
maximize profitability by curtailing portions of its fleet based on
miner efficiency, hash price and power prices. This strategy
reduced the consumption of power at its data centers on several
occasions and delivered 26,328 megawatt hours to local grid
partners
Miner Deployments
Prior generation miners replaced by new S21s deployed earlier
this year continue to operate at Core Scientific’s Calvert City, KY
and Pecos, TX data centers. A change in mining economics may result
in these prior generation miners being removed and stored, thereby
decreasing the Company’s total operational infrastructure and hash
rate.
Upcoming Events and Conferences
Core Scientific Investor and Analyst Event, June 12, 2024
Mining Disrupt, June 25-26, 2024
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest owners and operators of
high-powered digital infrastructure for bitcoin mining and hosting
services in North America. Transforming energy into high value
compute with superior efficiency at scale, we employ our own large
fleet of computers (“miners”) to earn bitcoin for our own account
and provide hosting services for large bitcoin mining and
high-performance computing customers at our eight operational data
centers in Georgia (2), Kentucky (1), North Carolina (1), North
Dakota (1) and Texas (3). We derive the majority of our revenue
from earning bitcoin for our own account (“self-mining”). To learn
more, visit www.corescientific.com.
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the Company’s ability to scale
and grow its business, source clean and renewable energy, the
advantages and expected growth of the Company and the Company’s
ability to source and retain talent. You can identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may
include words such as “aim,” “estimate,” “plan,” “project,”
“forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All forward looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially, including: our ability to earn
digital assets profitably and to attract customers for our hosting
capabilities; our ability to maintain our competitive position as
digital asset networks experience increases in total network hash
rate; our ability to raise additional capital to continue our
expansion efforts or other operations; our need for significant
electric power and the limited availability of power resources; the
potential failure in our critical systems, facilities or services
we provide; the physical risks and regulatory changes relating to
climate change; potential significant changes to the method of
validating blockchain transactions; our vulnerability to physical
security breaches, which could disrupt our operations; a potential
slowdown in market and economic conditions, particularly those
impacting the blockchain industry and the blockchain hosting
market; the identification of material weaknesses in our internal
control over financial reporting; price volatility of digital
assets and bitcoin in particular; the “halving” of rewards
available on the Bitcoin network, or the reduction of rewards on
other networks, affecting our ability to generate revenue as our
customers may not have an adequate incentive to continue mining and
customers may cease mining operations altogether; the potential
that insufficient awards from digital asset mining could
disincentivize transaction processors from expending processing
power on a particular network, which could negatively impact the
utility of the network and further reduce the value of its digital
assets; the requirements of our existing debt agreements for us to
sell our digital assets earned from mining as they are received,
preventing us from recognizing any gain from appreciation in the
value of the digital assets we hold; potential changes in the
interpretive positions of the SEC or its staff with respect to
digital asset mining firms; the increasing likelihood that U.S.
federal and state legislatures and regulatory agencies will enact
laws and regulations to regulate digital assets and digital asset
intermediaries; increasing scrutiny and changing expectations with
respect to our ESG policies; the effectiveness of our compliance
and risk management methods; the adequacy of our sources of
recovery if the digital assets held by us are lost, stolen or
destroyed due to third-party digital asset services; the effects of
our emergence from bankruptcy on our financial results, business
and business relationships; and our substantial level of
indebtedness and our current liquidity constraints affecting our
financial condition and ability to service our indebtedness. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this press release. While we may
elect to update such forward-looking statements at some point in
the future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
Please follow us on:
https://www.linkedin.com/company/corescientific/
https://X.com/core_scientific
1 Self-Mining Bitcoin Earned represents bitcoin
rewards earned by bitcoin miners owned and operated by Core
Scientific; the sequential decline in May resulted from the first
full month of post-halving operations. 2 Hosting Bitcoin
Earned represents estimated bitcoin rewards earned by
customer-owned miners installed and operated by Core Scientific in
our data centers, including bitcoin rewards earned by customers and
paid to the Company pursuant to proceeds sharing agreements. 3
Self-Mining Energized Hash Rate represents the total rated
capacity of all Company-owned bitcoin miners installed and
operating in Core Scientific’s data centers. Includes previous
generation miners removed to accommodate new miners and then
re-deployed opportunistically to exploit favorable mining
economics. 4 Hosting Energized Hash Rate represents the
total rated capacity of all hosted bitcoin miners owned by
customers, installed and operated by Core Scientific in our data
centers. 5 Bitcoin Sold represents all bitcoin sold by the
Company during the period, including self-mined and proceeds
sharing rewards. 6 Average Self-Mining Fleet Efficiency
(J/TH) represents the weighted average power consumption in
Joules per terahash based on the actual efficiency of each model of
miner operating in Core Scientific’s owned self-mining fleet˙
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240605022520/en/
Investors: ir@corescientific.com Media:
press@corescientific.com
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